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About Heppner gazette-times. (Heppner, Or.) 1925-current | View Entire Issue (Jan. 20, 2021)
Heppner Gazette-Times, Heppner, Oregon Wednesday, January 20, 2021 -- SEVEN Business Speak Consolidated Appropriations Act of 2021 offers more economic relief By Daniel Van Schoiack, CPA member of OSCPA and AICPA The recently passed Consolidated Appropri- ations Act of 2021, (also referred to as CAA 21) is a $2.3 trillion spending bill, the largest spending bill ever enacted. The actual bill is said to be over 5,000 pages long, while the text posted on the congressio- nal website is 2,124 pages. Deep within the bowels of this massive piece of legis- lation are provisions offer- ing $900 billion in stimulus relief for the COVID-19 pandemic. The CAA 21 offers economic relief to farm- ers, ranchers, businesses, nonprofit organizations and churches through an extension and expansion of the Paycheck Protec- tion Plan (PPP). Banks are now taking applications for those who have not previously applied for the program. Also, some who have previously received a PPP payment might qualify for a second draw from the program, if they can show a 20 percent decrease in revenue in any quarter in 2020 in comparison to the same quarter in 2019 The CAA 21 has made several modifications to the plan that will make it more appealing for many appli- cants. For example, farmers and ranchers can now apply using a formula based on their gross income report- ed on Schedule F, where previously the net income on the form was a deter- mining factor. As a result, farmers and ranchers who were previously ineligible for the program because of negative income can now apply. Also, some farmers and ranchers who previ- ously received a payment based on their net income can now reapply for a larger amount based on their gross Windows and Patio Doors! BUY ONE GET ONE % 40 income. Although the title of the program is the “Paycheck” Protection Plan, allowable expenses are not limited to payroll cost and include owner draws, rent, mort- gage interest and utilities. Recent revisions of the PPP provide more flexibility in the use of the funds in some cases. For example, the proceeds can now be used to purchase supplies that were under contract prior to receiving the funds. Also, the proceeds can now be used to purchase perish- able goods; that is a good change for the food service industry. In a major change to the PPP by the CAA 21, the expenses paid with the funds are now tax de- ductible, even if the fund proceeds are not subject to repayment. However, recipients must tread care- fully to avoid falling into a repayment trap. Repayment AN D OFF 1 can be avoided by closely monitoring the use of PPP funds. The Small Business Administration has recently released a simplified for- giveness form 3508-S. Another change made by the CAA 21 allows some employers to now utilize both the PPP and ERC (Em- ployee Retention Credit). Previously both of these programs could not be used in the same year, now both are allowed if not applied to the same cost in order to prevent double dipping. The ERC has been revised to allow a maximum credit of $14,000 per employee total for the first two quar- ters of 2021 combined. The credit is based on 70 percent of qualified wages. Em- ployers can also amend pre- viously filed federal 2019 payroll reports to claim the credit that was not allowed at that time. For 2020 there was an annual cap of $5,000 per employee based on 50 percent of qualified wages. Besides the favorable changes to the PPP and ERT, the CAA 21 contains an abundance of tax law provisions that will benefit a broad range of taxpayers. The list of changes includes 100 percent allowance of business meals provided by a restaurant, a one year look back for earned income, and charitable donation deduc- tion for taxpayers who do not itemize. Also, as with all tax legislation, there are provisions that benefits specific business segments, including favorable depre- ciation for motorsport facil- ities. The results of special interest lobby efforts are available. Oregon Trail Library District to hold board meeting The Oregon Trail Li- brary District will hold a virtual board meeting Wednesday January 20 at 6:30 p.m. The agenda will include approval of Decem- ber 2020 minutes and finan- cials, district election May 18, 2021, policy schedule and director report. Those who wish to at- tend should contact OTLD at 541-481-3365 for Zoom meeting information. $0 Money Down $0 Interest $0 Monthly Payments for 12 months Clog Free Guaranteed! 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